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Apportioning cost means dividing cost between Expired cost (depreciated value) and Unexpired cost (not depreciated yet). Cost which is used or whose time period is over is expired cost which can also be called as expense now, while unexpired cost can be named as remaining book value. For example, Prepaid rent was paid in September for the coming 4 months was $4000. Now, at the end of September the expired cost will be $1000 (and will be recorded in income statement as expense) and Unexpired cost will be $3000 (& will be recorded in Balance sheet as an asset ). Entry at the start of September would be
Prepaid Rent a/c $4000 (Dr)
Cash a/c $4000 (Cr) Entry at the end of September would be Rent a/c $1000 (Dr)
Prepaid Rent a/c $1000 (Cr)
See here, the used up cost or you may say asset has been turned into an expense, mitigating the value of Prepaid rent with $1000. Suppose you are preparing Balance Bheet at the end of September, the $1000 will be recorded in Income Statement as an expense while the Remaining $3000 will be recorded as current asset in Balance Sheet.
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Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
Difference between Cost Allocation and cost apportionment?
Apportion means to assign cost based on a predetermined formula. For example, we would apportion a cost pool if the assignment of the cost was based on fixed amounts (e.g.,10 percent to cost objective one and ninety percent to cost objective two) or a three factor formula (e.g., a weighted average of sales, payroll, and asset value). In both cases the assignment of the cost is based on some predetermined method. Allocation means to assign cost on a rate or factor bases that attempts to assign cost using an allocation base that best measures a causal or beneficial relationship between the cost pool and the final cost objective.(e.g., direct labor hours, machine hours, etc.),
What is the meaning of capital cost?
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Cost sheet of a company has expenses recorded in them. They mainly maybe short term cost's and long term cost's.
Where should paycheks and distribution of payroll be recorded?
Cost analyst
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Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
Difference between Cost Allocation and cost apportionment?
Apportion means to assign cost based on a predetermined formula. For example, we would apportion a cost pool if the assignment of the cost was based on fixed amounts (e.g.,10 percent to cost objective one and ninety percent to cost objective two) or a three factor formula (e.g., a weighted average of sales, payroll, and asset value). In both cases the assignment of the cost is based on some predetermined method. Allocation means to assign cost on a rate or factor bases that attempts to assign cost using an allocation base that best measures a causal or beneficial relationship between the cost pool and the final cost objective.(e.g., direct labor hours, machine hours, etc.),
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re What is the meaning of cost management ratios?
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What is the format of a cost sheet of a company?
Cost sheet of a company has expenses recorded in them. They mainly maybe short term cost's and long term cost's.
Where should paycheks and distribution of payroll be recorded?
Cost analyst
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